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Glencore
(LSE:GLEN)
Glencore (GLEN) vs. iShares MSCI United Kingdom ETF (EWC)
Glencore Business Overview & Revenue Model
Glencore Earnings Call Summary
Glencore Financial Statement Overview
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 252.75B | 230.94B | 217.83B | 255.98B | 203.75B |
| Gross Profit | 5.49B | 6.28B | 10.78B | 27.26B | 12.38B |
| EBITDA | 10.52B | 9.85B | 15.32B | 32.23B | 16.03B |
| Net Income | 370.62M | -1.63B | 4.28B | 17.32B | 4.97B |
Balance Sheet | |||||
| Total Assets | 142.25B | 130.46B | 123.87B | 132.58B | 127.51B |
| Cash, Cash Equivalents and Short-Term Investments | 2.95B | 2.17B | 1.95B | 1.97B | 2.69B |
| Total Debt | 42.76B | 38.11B | 32.24B | 28.78B | 34.64B |
| Total Liabilities | 108.63B | 94.80B | 85.63B | 87.36B | 90.59B |
| Stockholders Equity | 38.87B | 40.67B | 43.58B | 49.41B | 39.93B |
Cash Flow | |||||
| Free Cash Flow | 395.12M | 4.44B | 6.55B | 9.48B | 5.24B |
| Operating Cash Flow | 6.45B | 10.05B | 11.04B | 13.66B | 8.86B |
| Investing Cash Flow | -4.95B | -11.72B | -3.56B | -1.72B | -541.00M |
| Financing Cash Flow | -1.00B | 2.14B | -7.49B | -13.20B | -6.52B |
Glencore Technical Analysis
Glencore Risk Analysis
Glencore Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | £121.35B | 6.00 | 18.43% | 4.75% | -3.50% | -7.04% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
60 Neutral | £61.56B | 176.08 | -5.26% | 1.89% | -1.06% | -285.88% | |
58 Neutral | £842.37M | -4.42 | -27.65% | ― | ― | 1.86% | |
56 Neutral | $37.25B | -11.13 | -9.21% | 0.80% | -27.65% | -160.77% | |
52 Neutral | £121.13M | -4.47 | ― | ― | ― | ― | |
51 Neutral | £127.29M | ― | -17.14% | ― | ― | 54.72% |
Glencore Corporate Events
Glencore has proposed a total shareholder distribution of US$0.17 per share for the 2025 financial year, to be paid in two equal tranches of US$0.085 during the first and second halves of 2026. The payout, drawn from capital contribution reserves, underscores the group’s capacity and commitment to return cash to investors while maintaining flexibility in its balance sheet.
The company has set out detailed timetables for the first‑half and second‑half payments, including ex‑distribution, record and payment dates across its Jersey and Johannesburg share registers. Currency options are available to shareholders in different jurisdictions, highlighting Glencore’s broad investor base, and the distribution remains subject to approval at the May 2026 annual general meeting under JSE listing requirements.
The most recent analyst rating on (GB:GLEN) stock is a Buy with a £560.00 price target. To see the full list of analyst forecasts on Glencore stock, see the GB:GLEN Stock Forecast page.
Glencore has finalised an agreement with Democratic Republic of Congo state miner Gécamines to secure long‑term land access for Kamoto Copper Company, its key copper operation in the country. The deal grants KCC expanded mining titles and leases that will support growth at one of Glencore’s flagship African copper assets.
The agreement enables expansion of tailings storage and waste rock facilities, allowing a life‑of‑mine extension and maximised recovery of ore reserves at key deposits including KOV and T17. Glencore says this will help KCC reach its long‑term copper output target of around 300,000 tonnes a year and extend the mine’s life into the mid‑2040s, reinforcing the company’s strategic focus on sustaining volume and longevity in its Copper Africa division.
The most recent analyst rating on (GB:GLEN) stock is a Buy with a £560.00 price target. To see the full list of analyst forecasts on Glencore stock, see the GB:GLEN Stock Forecast page.
Glencore reported preliminary 2025 results showing revenue up 7% to $247.5 billion but Adjusted EBITDA down 6% to $13.5 billion, as weaker energy and steelmaking coal prices offset stronger metals pricing and a robust second half. Net income swung to a $363 million profit from a $1.6 billion loss, while net debt held broadly flat at $11.2 billion and net debt to Adjusted EBITDA remained conservative at 0.83 times.
The group underlined a copper-led growth strategy, targeting around 1.6 million tonnes of copper output by 2035 and more than 1 million tonnes on an annualised basis by end-2028, supported by recent acquisitions and portfolio moves including the Quechua project in Peru and a land-access deal at Katanga (KCC) in the DRC. It also proposed total 2026 cash distributions of $2 billion, backed in part by surplus Bunge shareholdings and spot free cash flow generation estimated at about $7 billion annually, underscoring confidence in its balance sheet and position as a key supplier of both traditional and energy-transition commodities.
The most recent analyst rating on (GB:GLEN) stock is a Buy with a £560.00 price target. To see the full list of analyst forecasts on Glencore stock, see the GB:GLEN Stock Forecast page.
Glencore has rejected the terms of a potential combination with Rio Tinto after Rio Tinto announced it does not intend to make an offer, leaving it bound by UK takeover rules that restrict a renewed approach. Glencore’s board said the proposed deal, which envisaged Rio Tinto retaining both the chairman and CEO roles and a pro forma ownership structure that, in its view, significantly undervalued Glencore’s contribution and copper growth pipeline, was not in shareholders’ best interests and failed to reflect the long-term relative value and synergy potential of a merger. Emphasising the strength of its standalone investment case, Glencore highlighted its diversified commodity portfolio, leading marketing franchise and “exceptional” pipeline of copper projects that it believes can transform it into one of the world’s largest copper producers over the next decade, while it remains focused on meeting 2026 operational priorities, derisking organic growth volumes and delivering long-term shareholder value.
The most recent analyst rating on (GB:GLEN) stock is a Buy with a £540.00 price target. To see the full list of analyst forecasts on Glencore stock, see the GB:GLEN Stock Forecast page.
Glencore has signed a non-binding memorandum of understanding with the US-backed Orion Critical Mineral Consortium for the potential sale of a 40% stake in its Mutanda Mining and Kamoto Copper Company assets in the Democratic Republic of Congo, valuing the operations at about $9 billion. The deal would give Orion CMC board representation and marketing rights over its share of production under the U.S.-DRC Strategic Partnership Agreement, effectively tying a major portion of DRC copper and cobalt output into US-aligned critical mineral supply chains while leaving operational control with Glencore. The partners plan to work with the DRC government, state miner Gécamines and other stakeholders to expand Mumi and KCC and pursue additional projects in the DRC and the wider African copper belt, underscoring both Washington’s push to secure strategic minerals and international confidence in the DRC’s efforts to attract large-scale foreign mining investment. The proposed transaction, which still depends on due diligence, definitive agreements and regulatory approvals, highlights Glencore’s position as the only major Western copper and cobalt producer in the DRC and could strengthen its role at the center of Western energy transition and technology supply chains while promising economic and stability benefits for the DRC.
The most recent analyst rating on (GB:GLEN) stock is a Hold with a £526.00 price target. To see the full list of analyst forecasts on Glencore stock, see the GB:GLEN Stock Forecast page.
Glencore has disclosed that, as of the close of business on 30 January 2026, its issued share capital comprised 13,003,464,600 ordinary shares, of which 1,268,109,041 are held in treasury and do not carry voting rights. This leaves a total of 11,735,355,559 voting rights in the company, a figure that shareholders should use as the denominator when assessing whether they must notify the Financial Conduct Authority of any interests or changes in interests under the UK’s Disclosure Guidance and Transparency Rules, clarifying the current capital and voting structure for investors and regulators.
The most recent analyst rating on (GB:GLEN) stock is a Hold with a £524.00 price target. To see the full list of analyst forecasts on Glencore stock, see the GB:GLEN Stock Forecast page.
Glencore reported that for 2025 it delivered production for its key commodities within guidance for a second consecutive year, underlining the benefits of its simplified operating structure, even as full-year own-sourced copper output fell 11% to 851,600 tonnes due to lower grades and mine sequencing at several South American assets. The group nonetheless saw a strong second-half copper rebound, higher zinc and steelmaking coal volumes, and stable energy coal output, supported by grade improvements and the contribution from its Elk Valley Resources acquisition, while cobalt production was deliberately reduced and subordinated to copper in the Democratic Republic of Congo amid new export quota rules, which are expected to keep cobalt sales constrained but allow prioritisation of copper volumes. Management reiterated its ambition, backed by newly reported resource additions at key Latin American copper projects, to grow into one of the world’s largest copper producers over the next decade, and guided that 2025 Marketing Adjusted EBIT will land around the midpoint of its upgraded long-term range, signalling resilient trading earnings despite softer realised coal prices and higher copper unit costs linked to the absence of DRC cobalt by-product sales.
The most recent analyst rating on (GB:GLEN) stock is a Hold with a £531.00 price target. To see the full list of analyst forecasts on Glencore stock, see the GB:GLEN Stock Forecast page.
Glencore has scheduled the release of its 2025 Full Year Production Report for 29 January 2026, followed by its 2025 Preliminary Results on 18 February 2026, with both announcements to be published via the London Stock Exchange’s Regulatory News Service and on the company’s website. The group will host a live video webcast and presentation of the preliminary results on 18 February, with presentation materials available for download and a replay accessible afterwards, signalling an effort to provide investors and other stakeholders with detailed visibility on operational and financial performance at a time when its commodity portfolio and climate transition strategy remain central to its positioning in global resource markets.
The most recent analyst rating on (GB:GLEN) stock is a Hold with a £512.00 price target. To see the full list of analyst forecasts on Glencore stock, see the GB:GLEN Stock Forecast page.
Glencore has confirmed that it is in preliminary talks with mining rival Rio Tinto over a potential combination of some or all of their businesses, which could include an all-share merger structured as a court-sanctioned scheme of arrangement under which Rio Tinto would acquire Glencore. The company stressed there is no certainty that any transaction will be agreed, nor clarity yet on its possible terms or structure, though the UK Takeover Code imposes a deadline of 5 February 2026 for Rio Tinto to either announce a firm offer or walk away, focusing market attention on the coming weeks and triggering disclosure obligations for shareholders with significant positions in either group.
The most recent analyst rating on (GB:GLEN) stock is a Buy with a £480.00 price target. To see the full list of analyst forecasts on Glencore stock, see the GB:GLEN Stock Forecast page.
Glencore plc has repurchased 8.4 million of its own ordinary shares off-market from UBS AG on 8 January 2026 as part of its ongoing share buyback programme that began in July 2025. The shares, bought in Swiss francs with Swiss withholding tax deducted from the gross price, are being acquired for cancellation, reducing the number of shares in issue to 11.74 billion, while treasury shares remain unchanged at about 1.27 billion. The transaction, conducted under a pre-approved off-market buyback authority and a shareholder-approved buyback contract with UBS, underlines Glencore’s continued capital-return strategy ahead of its full-year 2025 results expected in February 2026, and may enhance earnings per share and support the stock by shrinking the free float. UBS’s related on-market trades, executed under EU market abuse rules, may not match exactly the number of shares Glencore ultimately buys for cancellation due to UBS’s mandate to manage its equity exposure under the contract.
The most recent analyst rating on (GB:GLEN) stock is a Buy with a £480.00 price target. To see the full list of analyst forecasts on Glencore stock, see the GB:GLEN Stock Forecast page.
Glencore has disclosed that as of 31 December 2025 its issued share capital comprised 13,011,864,600 ordinary shares, of which 1,268,109,041 were held in treasury, leaving 11,743,755,559 voting rights in issue. The company noted that this voting-rights figure will serve as the reference denominator for shareholders assessing whether they must report holdings or changes in holdings under the UK Financial Conduct Authority’s disclosure and transparency regime, providing clarity for investors and governance stakeholders on the mining and trading group’s current capital and voting structure.
The most recent analyst rating on (GB:GLEN) stock is a Buy with a £480.00 price target. To see the full list of analyst forecasts on Glencore stock, see the GB:GLEN Stock Forecast page.
Glencore has continued executing its share buyback strategy with an off‑market purchase of 6.4 million ordinary shares from UBS AG on 19 December 2025, paying a gross price of CHF 4.0829 per share, with Swiss withholding tax applied and remitted to the authorities. The shares are being acquired for cancellation under the company’s ongoing buyback programme, which started in July 2025 and is scheduled to conclude around the release of its 2025 results in February 2026, and will reduce the number of shares in issue to about 11.74 billion while leaving treasury holdings unchanged, supporting capital returns and potentially enhancing earnings per share for remaining investors.
The most recent analyst rating on (GB:GLEN) stock is a Buy with a £480.00 price target. To see the full list of analyst forecasts on Glencore stock, see the GB:GLEN Stock Forecast page.
Glencore plc has announced a transaction involving the purchase of 7,861,295 of its own ordinary shares from UBS AG, as part of its ongoing share buy-back program initiated in July 2025. This transaction, conducted off-market, is set to reduce the company’s total shares in issue, excluding treasury shares, to 11,750,155,559, and is aligned with the company’s strategy to manage its equity exposure and shareholder value, with completion expected by February 2026.
The most recent analyst rating on (GB:GLEN) stock is a Buy with a £430.00 price target. To see the full list of analyst forecasts on Glencore stock, see the GB:GLEN Stock Forecast page.
Glencore has announced its corporate calendar for 2026, detailing key dates for investors including production reports, annual results, and the annual general meeting. These scheduled events are crucial for stakeholders to track the company’s performance and strategic direction, impacting its market positioning and operational transparency.
The most recent analyst rating on (GB:GLEN) stock is a Buy with a £4.50 price target. To see the full list of analyst forecasts on Glencore stock, see the GB:GLEN Stock Forecast page.
Glencore plc announced the purchase of 6.4 million of its own shares from UBS AG as part of its ongoing share buy-back program. This transaction, executed off-market, aims to reduce the number of shares in circulation, thereby potentially increasing the value of remaining shares and reflecting the company’s commitment to returning value to shareholders. The buy-back program is expected to conclude by February 2026, aligning with the release of the company’s financial results for 2025.
The most recent analyst rating on (GB:GLEN) stock is a Hold with a £414.00 price target. To see the full list of analyst forecasts on Glencore stock, see the GB:GLEN Stock Forecast page.
Glencore has announced significant advancements in its copper portfolio, aiming to produce approximately 1 million tonnes by 2028 and targeting 1.6 million tonnes by 2035. The company plans to restart the Alumbrera copper mine, enhancing its production capabilities and supporting its strategic growth in the copper sector. Additionally, Glencore is optimizing its operating structures to ensure accountability and reliability, while continuing to focus on shareholder value through strategic partnerships and investments. The company’s efforts align with the growing global demand for commodities driven by AI infrastructure and energy transition needs, positioning Glencore as a leading player in the natural resource industry.
The most recent analyst rating on (GB:GLEN) stock is a Buy with a £4.40 price target. To see the full list of analyst forecasts on Glencore stock, see the GB:GLEN Stock Forecast page.
Glencore plc announced it will host a Capital Markets Day presentation, providing stakeholders with insights into its operations and strategic direction. This event underscores Glencore’s commitment to transparency and engagement with investors and the public, potentially impacting its market positioning and stakeholder relationships.
The most recent analyst rating on (GB:GLEN) stock is a Buy with a £4.40 price target. To see the full list of analyst forecasts on Glencore stock, see the GB:GLEN Stock Forecast page.
Glencore has announced its total voting rights as of November 28, 2025, with an issued share capital consisting of over 13 billion ordinary shares, of which approximately 1.27 billion are held in treasury. This results in a total of 11.77 billion voting rights, which shareholders can use as a denominator for interest calculations under the Financial Conduct Authority’s rules. This update is crucial for stakeholders to understand their shareholding position and any necessary notifications regarding changes in their interest in the company.
The most recent analyst rating on (GB:GLEN) stock is a Buy with a £4.40 price target. To see the full list of analyst forecasts on Glencore stock, see the GB:GLEN Stock Forecast page.
Glencore plc announced the purchase of 7.2 million of its own shares from UBS AG as part of its ongoing buy-back program. The transaction, conducted off-market, aims to reduce the total number of shares in issue, enhancing shareholder value and aligning with the company’s strategic financial management goals.
The most recent analyst rating on (GB:GLEN) stock is a Buy with a £4.40 price target. To see the full list of analyst forecasts on Glencore stock, see the GB:GLEN Stock Forecast page.
Glencore plc announced the purchase of 9.6 million of its own shares from UBS AG as part of its ongoing buy-back program. This transaction, which is part of a strategy to manage share capital and enhance shareholder value, will result in the cancellation of the purchased shares, reducing the total number of shares in circulation.
The most recent analyst rating on (GB:GLEN) stock is a Buy with a £4.40 price target. To see the full list of analyst forecasts on Glencore stock, see the GB:GLEN Stock Forecast page.